FL10.6 Explore the principles of saving money and the importance of a savings mindset.
This Outcome Looks At:
Reasons for the short and long-term saving of money.
The relationship between saving and investing.
Different saving strategies.
The advantages and disadvantages of various saving strategies.
Appropriate saving strategies based on needs, wants, and goals.
How family perspectives, culture, social influences, and personal experiences shape an individual’s attitude towards saving.
Savings philosophies.
The importance of including an emergency savings fund as part of a financial plan.